Shenzhen gives away $3 million worth-of digital yuan in third CBDC test

The Chinese city of Shenzhen is giving away another 20 million digital yuan, worth $3 million, as part of the ongoing real-life test of China's central bank digital currency.

The Shenzhen government announced on the New Year's Eve that it will give away 100,000 red packets via a lottery to local residents with each packet worth 200 digital yuan, or $30.

Lottery-winners will be able to spend the digital yuan between January 7 and January 17 among over 10,000 shops, restaurants and supermarkets in Shenzhen, according to the announcement.

In last October, Shenzhen conducted China's first city-wide digital yuan test via a lottery giveaway that was worth $1.5 million in total available for 50,000 residents, who were able to spend the free money at some 3,000 local stores.


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